Frankie 8,150 Posted March 23, 2015 Share Posted March 23, 2015 (edited) http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12290913.html The Company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m. The proceeds of the loans are available generally for the purposes of the Company and will be used for working capital. The loans are being made available until 31 December 2015 which will provide the Company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis. Provision of the loans is classified as a Related Party Transaction under Rule 13 of the AIM Rules for Companies. The independent directors of the Company (being its Board with the exception of Mr Park who is excluded from such decisions being a related party in respect of the loans) consider that the terms of the loans are fair and reasonable insofar as the shareholders of the Company are concerned. The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies. Edited March 23, 2015 by Frankie 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2015 Share Posted March 23, 2015 Breaking news Rangers have agreed an interest and fee free loan of £1.5m with Douglas Park, George Letham and George Taylor until Dec 31 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted March 23, 2015 Author Share Posted March 23, 2015 On the face of it, this looks like positive news. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2015 Share Posted March 23, 2015 23 March 2015 Rangers International Football Club plc ("Rangers", or the "Company") Loan Agreement The Company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m. The proceeds of the loans are available generally for the purposes of the Company and will be used for working capital. The loans are being made available until 31 December 2015 which will provide the Company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis. Provision of the loans is classified as a Related Party Transaction under Rule 13 of the AIM Rules for Companies. The independent directors of the Company (being its Board with the exception of Mr Park who is excluded from such decisions being a related party in respect of the loans) consider that the terms of the loans are fair and reasonable insofar as the shareholders of the Company are concerned. The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html Retail Limited and associated companies. Ends For further information please contact: Rangers International Football Club plc Tel: 020 7148 6143 Paul Murray Newgate Tel: 020 7148 6143 Roddy Watt 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted March 23, 2015 Share Posted March 23, 2015 breathing space , and I expect the two L's to be bulleted very soon also 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2015 Share Posted March 23, 2015 £1.5m doesn't seem to be much, how long will it last ? 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted March 23, 2015 Share Posted March 23, 2015 I don't have much problem with loans if the conditions are favourable and these seem to be. But like with the previous regime I'd think we'll all hope there's long term funding plans beyond loans. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted March 23, 2015 Share Posted March 23, 2015 independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html Retail Limited The problem with copying from FF 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted March 23, 2015 Share Posted March 23, 2015 (edited) Hard to see how £1.5m replacing £5.0m will see us through till 31/12/2015, even with ST money coming up. The end of December would not be a good time to have to find £1.5m if the loan were still to be outstanding at that time. Could this be used to replace part or all of the first tranche of the £5m (even if it says "working capital")? Looks more like "good faith money" to me than any significant contribution to our ongong financial propblems. Or perhaps it's the amount we need to get us through till the ST money starts to come in. One assumes also (that unlike Hibs) Rangers will want to know what divison we are playing in before pricing the ST's. Edited March 23, 2015 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted March 23, 2015 Author Share Posted March 23, 2015 £1.5m doesn't seem to be much, how long will it last ? Until renewals in April/May and a share offer within a few months of that I'd fancy. 0 Quote Link to post Share on other sites More sharing options...
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